from TUI AG (isin : DE000TUAG000)

TUI AG: Q1 2024 Interim Report 1 October 2023 – 31 December 2023

TUI AG: Q1 2024 Interim Report 1 October 2023 – 31 December 2023

13-Feb-2024 / 07:00 CET/CEST
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TUI Group
Q1 2024 Interim Report
1 October 2023 – 31 December 2023



Interim Management Report


Report on changes in expected development

Consolidated earnings

Segmental performance

Financial position and net assets

Comments on the consolidated income statement

Alternative performance measures

Other segment indicators

Corporate Governance

Risk and Opportunity Report

Related parties

Unaudited condensed consolidated Interim Financial Statements



Accounting principles

Group of consolidated companies

Acquisitions – Divestments

Notes to the unaudited condensed consolidated Income Statement

Notes to the unaudited condensed consolidated Statement of Financial Position

Responsibility Statement

Review Report

Cautionary statement regarding forward-looking statements

Financial calendar













This Interim Financial Report of TUI Group was prepared for the reporting period from 1 October 2023 to 31 December 2023.



Karl-Wiechert-Allee 23

30625 Hannover


Interim Management Report


Record Q1 performance in 2024, delivering highest ever revenues of €4.3bn and positive Q1 underlying EBIT of €6.0m for the first time1. As a result and based on current booking trends, we reconfirm our FY 2024 guidance to increase our underlying EBIT by at least 25%.


  • In Q1 2024 we recorded a record Group revenue of €4.3bn1, which was up strongly across all our segments increasing by a total of 15% against the prior year (Q1 2023: €3.8bn). This was driven by higher demand at improved prices and rates. 
  • We achieved a positive Q1 Group underlying EBIT of €6.0m for the first time1. This was an improvement of €159.0m (Q1 2023: €-153.0m ), highlighting the significant progress we have made across the business and underlining the strategic development of the Group.
    • Hotels & Resorts improved on an already strong operational performance in the prior year supported by higher occupancies and increased rates.
    • In Cruises, the strong trading environment coupled with the quality of product we offer, drove an increase in occupancy at higher rates, with all three of our cruise brands contributing to the upside.
    • With the further expansion of our own differentiated product offering and continued development of the digital platform in TUI Musement, the segment recorded higher year-on-year results for the period. 
    • Our Markets & Airlines delivered a significantly improved underlying EBIT with Central Region posting a positive first quarter result for the first time1. The segment benefitted from stronger demand at increased prices. In addition, the ability to return to our normal hedging lines provided, as expected, significant upside to the results across the markets.  
  • During the quarter we welcomed 3.5m customers, 6% more than in the prior year. Average load factor of 86% for Q1 2024 was 1%pt higher than in the prior year.
  • We saw a reduction in our net debt year-on-year by €1.3bn to €4.0bn at 31 December 2023 from €5.3bn in the prior year. This improvement was driven by net proceeds (following repayment of the final WSF obligations) from our capital increase in April 2023 and a positive cash flow from operations and lower net investments.
  • We saw a further upgrade in our credit rating to B+ with positive outlook by S&P and we have a clear pathway to a rating target of BB/Ba territory.
  • In Markets & Airlines the positive booking2 momentum continues for both the Winter 2023/24 and Summer 2024 season on an expanded programme. Average selling price (ASP) continues to hold up well, highlighting the strong demand for our products and the consumers continued willingness to prioritise spend on travel and holidays. Our hedging levels for the coming Summer and Winter seasons are in line with our normal hedging policy.
  • Winter 2023/24 bookings continue to be well ahead at +8% against the prior season with ASP higher across our key markets and up +4% overall. To date 87% of the Winter season has been sold which is in line with the prior Winter season. Bookings for Summer 2024 continue to be promising with the usual 32% of the programme sold at the point in time. Bookings are ahead across all our markets and overall, at +8% supported by stronger ASP at +4% against Summer 2023.
  • Holiday Experiences trading3 remains well on track to deliver in line with expectations, with bookings in all segments ahead of prior year.



FY 2024 guidance4

Our focus is on operational excellence and execution. Our strategic roadmap, the strong operational recovery and the measures taken to strengthen our balance sheet, lay the foundations for future profitable growth. Our guidance for FY 2024 is provided within the framework of the current macroeconomic as well as geopolitical uncertainties especially in the Middle East. It is based on the strong performance in Q1 and the current positive booking momentum across both seasons, as well as a return to a normal hedging policy. Against this background, we reconfirm our guidance for FY 2024 published in our Annual Report 2023:

  • We expect revenue to increase by at least 10% year-on-year
  • We expect underlying EBIT to increase by at least 25% year-on-year


Mid-Term Ambitions

We have a clear strategy to accelerate profitable growth by increasing the customer lifetime value, creating a business which is more agile, more cost-efficient and achieving a higher speed to market with the aim to create additional shareholder value. Our mid-term ambitions are as follows:

  • Generate underlying EBIT growth of c. 7-10% CAGR
  • Target net leverage5 strongly below 1.0x
  • Return to a credit rating territory in line with our pre-pandemic rating BB/Ba (S&P/Moody’s)


1 Since the merger of TUI AG and TUI Travel PLC in 2014

2 Bookings up to 4 February 2024 relate to all customers whether risk or non-risk and includes amendments and voucher re-bookings

3 FY 2024 trading data (excluding Blue Diamond in Hotels & Resorts) as of 4 February 2024 compared to 2023 trading data

4 Based on constant currency and within the framework of the macroeconomic and geopolitical uncertainties currently known, including

  developments in the Middle East

5 Net leverage ratio defined as net debt (Financial liabilities plus lease liabilities less cash & cash equivalents less other current financial assets)

  divided by underlying EBITDA


Sustainability (ESG) as an opportunity1

  • As an industry leader, we want to set the standard for sustainability in the market. We believe that sustainable transformation should not be viewed solely as a cost factor, but that sustainability pays off – for society, for the environment, and for economic development.
  • We continue to make progress to reduce relative emissions across our business and to achieve our targets. One focus in TUI’s sustainability journey is the measurement of its IT footprint. In January 2024, we announced the measures we are taking to mitigate our tech carbon footprint across our technology infrastructure. We have clear targets to reduce emissions throughout the business from our data centres and the cloud to the environmental footprint of mobiles or electronic screens. To ensure the approach is in line with industry best practices and international standards, an external agency has been commissioned to create a robust methodology. The work we are doing in this area was recognised in January when we were awarded the European SustainableIT Impact Award 2024 as the category winner of ‘Governance’.


1 Further details on our Sustainability Agenda are published in our Annual Report 2023 and also on our website under (not subject of an auditor’s review)


TUI Group - financial highlights











€ million



Q1 2024


Q1 2023


Var. %


Var. % at constant currency








+ 14.7


+ 14.8

Underlying EBIT1










Hotels & Resorts







+ 26.6


+ 31.7








n. a.


n. a.

TUI Musement



- 10.7


- 13.5


+ 20.9


+ 34.1

Holiday Experiences







+ 96.3


+ 105.5

Northern Region



- 50.4


- 122.0


+ 58.6


+ 59.8

Central Region





- 29.0


n. a.


n. a.

Western Region



- 46.6


- 43.7


- 6.6


- 5.1

Markets & Airlines



- 95.7


- 194.6


+ 50.8


+ 52.2

All other segments



- 12.8


- 16.7


+ 23.1


+ 22.5

Underlying EBIT1 TUI Group





- 153.0


n. a.


n. a.

TUI Group
(at constant currency)





- 153.0


n. a.








- 158.7


n. a.



Underlying EBITDA







+ 258.0





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